In November 2022, VerSe Innovation, the Indian startup behind apps like Dailyhunt and Josh, laid off 150 employees, representing 5% of its 3,000-strong workforce. The company, valued at $5 billion and backed by investors including Google and Microsoft, also implemented an 11% salary cut for remaining staff earning above a certain threshold. This restructuring was driven by a challenging economic climate and a severe downturn in the advertising market, which significantly impacted the consumer tech industry. Despite raising over $800 million earlier that year, the startup took these measures to streamline costs and ensure long-term business viability.
